Prévia do material em texto
'DV�SHVVRDV�FRPR�VXMHLWR�GD�UHODomR�MXUtGLFD 2 DUW������GR�&yGLJR�&LYLO�GH����� HVWDEHOHFH�TXH��$�YDOLGDGH�GR�QHJyFLR�MXUtGLFR�UHTXHU� $JHQWH�FDSD]�L� 2EMHWR�OtFLWR��SRVVtYHO��GHWHUPLQDGR�RX�GHWHUPLQiYHO�LL� )RUPD�SUHVFULWD�RX�QmR�GHIHVD�HP�OHL�LLL� $ OLFLWXGH�GR�REMHWR LPSOLFD�VHU�R�DWR�MXUtGLFR�SUDWLFDGR�FRP�ILQDOLGDGHV�GH�UHVSHLWR�j�OHL��D�PRUDO�H�DRV�ERQV�FRVWXPHV�� FRPR��SRU�H[HPSOR��D�SURLELomR�GH�GXDV�RX�PDLV�SHVVRDV�IRUPDOL]DUHP�FRQWUDWR�FRP�D�SUHYLVmR�GH�XP�FULPH� $�YDOLGDGH�GRV�QHJyFLRV�MXUtGLFRV�QmR�H[LJH�IRUPD�HVSHFLDO��PDV�GHYHP�VHU�REVHUYDGDV�DV�IRUPDOLGDGHV�TXDQGR�D�OHL�DV� H[LJLU��FRPR�QR�FDVR�GRV�FRQWUDWRV�GH�FRPSUD�H�YHQGD�GH�LPyYHLV��SRU�H[HPSOR� 6mR�QXORV RV�DWRV�RX�QHJyFLRV� MXUtGLFRV�YLFLDGRV�HP�VXD�VXEVWkQFLD�� QmR�SURGX]LQGR��HQWmR��TXDLVTXHU� HIHLWRV��FRPR�H[HPSOR��R�FDVDPHQWR� GH�SHVVRDV�Mi�FDVDGDV� 6mR�DQXOiYHLV���SRU�VXD�YH]��RV� DWRV�YLFLDGRV�DSHQDV�TXDQGR�j�VXD� IRUPD�H�QmR�TXDQWR�j�VXEVWkQFLD� FRPR�H[HPSOR��R�FDVDPHQWR�GH� XP�PHQRU�GH����DQRV��VHP� DXWRUL]DomR�GH�XP�GRV�SDLV��2� QHJyFLR�DFRQWHFHX��JHURX�HIHLWRV� MXUtGLFRV��PDV�SRGH�VHU�DQXODGR� GHVGH�TXH�KDMD�DOHJDomR�GH�YtFLR� SRU�SDUWH�GRV�LQWHUHVVDGRV� -i�RV�DWRV�LQH[LVWHQWHV VmR�DTXHOHV�TXH�QmR�VH� FRPSOHWDUDP��FRPR��SRU�H[HPSOR��D�QRLYD� TXH�QmR�FRPSDUHFHX�DR�FDVDPHQWR�SDUD�GL]HU� VLP��IDOWDQGR�R�FRQVHQWLPHQWR�QHFHVViULR 'H�DFRUGR�FRP�R &yGLJR�&LYLO��VmR�WDPEpP�DQXOiYHLV�RV�DWRV�SUDWLFDGRV�SRU�HUUR��GROR��FRDomR��HVWDGR�GH�SHULJR��OHVmR� RX�IUDXGH�FRQWUD�WHUFHLURV� (UUR 3HVVRD�SUDWLFD�DWR�LQVSLUDGD�HP�HQJDQR�RX�GHVFRQKHFHQGR�D�UHDOLGDGH 'ROR� (UUR�SUDWLFDGR�SRU�PHLR�GD�YRQWDGH�GR�DJHQWH�HP�SUDWLFDU�DWR�PDOLFLRVR�H�REWHU�YDQWDJHP &RDomR 2FRUUH�TXDQGR�XPD�SHVVRD��GHEDL[R�GH�DPHDoD�RX�SUHVVmR�LQMXVWD�H�JUDYH��p�REULJDGD�D�FRQFRUGDU� FRP�GHWHUPLQDGR�DWR (VWDGR�GH� SHULJR 2FRUUH�TXDQGR�DOJXpP��QHFHVVLWDQGR�VDOYDU�VH�RX�D�RXWUHP��DVVXPH�REULJDomR�H[FHVVLYDPHQWH� RQHURVD /HVmR� 2FRUUH�TXDQGR�XPD�SHVVRD��SRU�QHFHVVLGDGH�RX�LQH[SHULrQFLD��DVVXPH�SUHVWDomR�GHVSURSRUFLRQDO�j� RSRVWD )UDXGH� 2FRUUH�TXDQGR�R�DJHQWH��SDUD�EXUODU�H[LJrQFLD�OHJDO��FRORFD�VH�HP�SRVLomR�TXH�D�OHL�QmR�R�DWLQJH�� HYLWDQGR�VHXV�HIHLWRV $�UHODomR�MXUtGLFD�p�D�YLQFXODomR�GLUHWD�RX�LQGLUHWD�GH�GXDV�RX�PDLV�SHVVRDV�D�FLUFXQVWkQFLDV�GH�IDWR��RX�D�XP�EHP� GD�YLGD��GLVFLSOLQDGD�SHOD�QRUPD�MXUtGLFD�SRVLWLYD��(QYROYH�IDWRV�FRQWURYHUWLGRV��RX�VHMD��VLWXDo}HV�HP�TXH�H[LVWH� GLYHUJrQFLD�GH�LQWHUHVVHV�SHVVRDLV� ͻ $V�UHODo}HV�KXPDQDV��VRFLDLV�H�SHVVRDLV�SURSRUFLRQDP�D�LQFLGrQFLD�GD�QRUPD�DR�UHODFLRQDPHQWR��$VVLP��XPD� DWLWXGH�SHVVRDO�TXH�KRMH�QmR�p�FRQVLGHUDGD�XPD�UHODomR�MXUtGLFD�DPDQKm�SRGHUi�YLU�D�VHU� ͻ 2�DUWLJR����GR�&yGLJR�&LYLO HVWDEHOHFH�TXH�³D�SHUVRQDOLGDGH�FLYLO�GD�SHVVRD�FRPHoD�GR�QDVFLPHQWR�FRP�YLGD�� PDV�D�OHL�S}H�D�VDOYR��GHVGH�D�FRQFHSomR��RV�GLUHLWRV�GR�QDVFLWXUR´� 1DWDOLVWD $ILUPD�TXH�D�SHUVRQDOLGDGH�FLYLO�VRPHQWH�VH�LQLFLD�FRP�R�QDVFLPHQWR� FRP�YLGD 7HRULDV 'D�SHUVRQDOLGDGH� FRQGLFLRQDO 6XVWHQWD�TXH�R�QDVFLWXUR�p�SHVVRD�FRQGLFLRQDO��SRLV�D�DTXLVLomR�GH� SHUVRQDOLGDGH�DFKD�VH�VRE�D�GHSHQGrQFLD�GH�FRQGLomR�VXVSHQVLYD��R� QDVFLPHQWR�FRP�YLGD��GHVGREUDPHQWR�GD�WHRULD�QDWDOLVWD� &RQFHSFLRQLVWD $GPLWH�TXH�VH�DGTXLUH�D�SHUVRQDOLGDGH�DQWHV�GR�QDVFLPHQWR��RX�VHMD�� GHVGH�D�FRQFHSomR��UHVVDOYDGRV�DSHQDV�RV�GLUHLWRV�SDWULPRQLDLV�� GHFRUUHQWHV�GH�KHUDQoD��OHJDGR�H�GRDomR��TXH�ILFDP�FRQGLFLRQDGRV�DR� QDVFLPHQWR�FRP�YLGD 6HomR���� ƐĞŐƵŶĚĂͲĨĞŝƌĂ͕�ϱ�ĚĞ�ĂŐŽƐƚŽ�ĚĞ�ϮϬϭϵ ϭϱ͗ϰϭ )DWR�p�JrQHUR�H�DWR�p�D�HVSpFLH��)DWR�MXUtGLFR�VXUJH�GH�DFRQWHFLPHQWR�FRWLGLDQR��QDWXUDO�H�QmR�GHSHQGH�GD�YRQWDGH� LQWHUQD��HQTXDQWR�DWR�MXUtGLFR�p�DFRQWHFLPHQWR�YROXQWiULR��&KDPDPRV�R�DWR�MXUtGLFR��WDPEpP��GH�QHJyFLR�MXUtGLFR�